Treasury official pushes back on idea to privatize Fannie, Freddie

WASHINGTON (MarketWatch) -- A senior Treasury Department official pushed back on the idea of privatizing Fannie Mae
FNMA, -0.27%
and Freddie Mac
FMCC, +0.55%
in a speech delivered Friday morning. Mary Miller, the under secretary for domestic finance, told the National Housing Conference that much of the recent profits at the mortgage-buying giants have come from tax-related one-time gains and legal settlements as well as income from retained portfolios, which are being wound down. "In short, adequately recapitalizing the GSEs would take longer than many realize or would admit," Miller said. "Only legislation can protect taxpayers by responsibly winding down the GSEs and replacing them with a system where a government guarantee is transparent and explicitly priced," she added.

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